A new survey of baby boomer women found that the majority of them aged 45 and over list financing their long-term retirement as their primary focus in planning for the future.
The AARP-Harris Interactive Survey found that these women placed their personal finances as more important than their health in planning for the future. Only one out of seven women who are already retired are confident that they will have enough money to fund their retirement years. However, the results also found that as women age staying healthy becomes more important in the planning for a secure future.
The survey did indicate a contrast in attitudes based upon the marital status of respondents. Unmarried women were more likely to focus on their financial planning, whereas married women had a greater tendency to focus on their physical health over their financial well-being.
A large percentage of the respondents, 72%, noted that they do talk with family and friends about how they will finance their retirement. Younger women in the survey were less likely to discuss their finances with friends pointing to having time to address it.
“It is never too early for women to start talking to family members and laying the foundation to live the lives we choose as we age,” said Cassandra Oshinnaiye, Manager of AARP's Decide. Create. Share. “Women live 5 years longer than men on average and two-thirds of women are single by age 75. Almost 2 of 3 people age 85 and over are women.”
The survey was conducted in March of this year and included 1,210 U.S. women aged 18 and over, with 640 of the respondents aged 45 and older.